VALUE GOLF Inc.

The dividend has not been reduced for 10 consecutive years.The forecast annual dividend is JPY 25.0 per share or unit, with a forecast yield of 1.67%.Dividend on equity (DOE) is 4.12%, +0.16 points year over year.

Dividend on equity (DOE) is the annual dividend as a percentage of shareholders’ equity. Because it is less affected by temporary earnings swings, it helps assess the continuity of a company’s shareholder return policy.